The Silicon Review
“Our reports free up your resources and offer you timely deep industry understanding and strategic insights, required in today’s increasingly competitive business environment.”
Market research should never be underestimated. Many successful new businesses enjoy longevity because their owners conduct regular market research to understand their target market, identify consumer problems, and pinpoint realistic competitors.
It’s the simplest way for entrepreneurs to keep up with market trends and maintain a competitive edge by sizing up a business opportunity.
In light of the foreground, we’re thrilled to present Williams & Marshall Strategy (WM Strategy).
WM Strategy is a global full-service market research and consulting company, providing market insight and analysis on a wide range of industries and markets.
The company was incorporated in 2014 and is headquartered in Sofia, Bulgaria.
Petar Reshovski, Williams & Marshall Strategy Founder/General Manager, spoke exclusively to The Silicon Review. Below is an excerpt.
Why was the company set up? And how did you expand your company and its offerings over the years?
Before setting up the company, I have compiled a few years of experience in the market research and business consulting industry in Europe (London, Moscow, Amsterdam, Sofia). During that time, I had a very clear vision of how the industry works and was able to find in a few niches, which were not filled in at that moment. So, the idea about the company came out naturally to help fill in the industry niches and improve on the best practices within the industry. The company’s growth and the growth of its product offerings came out naturally, along with the growth of our team and competences. We have always believed in the fact that the team should grow first and only after that – the company’s catalogue. Currently, our two companies offer slightly more than 150,000 different market research titles and will add about 50,000 more by the end of the year.
How successful was your first project roll on? Share the experience.
Despite having knowledge about the industry, our first project came a few months after the setup of the company. The client was a Russian trading company, interested to enter the Turkish markets of a few agricultural commodities. It was a very interesting project to start with and a great way to learn a lot about nurturing clients and client satisfaction. Very early we learned that happy clients bring repetitive business and are the best form of advertising. The first big project came a few months after that when we were hired by one of the largest global oil and gas companies for a pretty complex project – to help them choose a few new markets to enter (from a list of close to 20 countries).
What challenges did you face in your initial years?
The biggest challenge was how to find, hire and constantly motivate the best people. Because a company’s most important asset is the team behind it. As for hiring – we learned to use an approach which attracts
the brightest people on the market and at the same time quickly weeds out the bad fits for our company culture. Initially, we were unable to offer the most competitive salaries on the market. So, we had to be creative in terms of what we could offer – big projects for interesting global clients, flexible working hours, ability to work from home or just anywhere, constant salary increases, etc.
Fostering a culture of feedback is crucial to the success of every organization. How is this true with your company?
Customer feedback is one of the most important metrics a company should follow. We are always trying to engage our clients in conversations about the quality of our products and services even after finishing
small projects, as the insights we receive from them are invaluable. Of course, it is always very motivating to hear that the clients loved your services and would not hesitate to hire you again. But the really important part is paying very close attention to the things your clients did not like in the process and making sure these are improved. Because it is always great to “wow” a client that knows you well and knows what to expect.
How do you stay relevant to the consumer interests and needs in this highly volatile market?
The best way to understand the client is to directly talk to them. So, we do our best to engage in contact with our clients after finishing each project. And it is often the case that the clients feel very important when they know their voices are heard. It is even better when they see that their feedback is already taken into account and implemented in your products/services.
Williams & Marshall Strategy: In a Nutshell
Our unique research methodology combines quantitative and qualitative analysis and covers the whole value chain of the markets we analyze – from manufacturers and distributors through wholesalers and retailers to the final clients, which allows us to provide unmatched wide and deep industry understanding. Thus, our clients receive actionable insights on the volume, value and dynamics, trends, growth drivers, threats and opportunities of each market – intelligence that helps them be always a step ahead of the competition.
Moreover, our reports help the clients make informed commercial planning and strategic decisions and so timely tackle the complex challenges and maximize the opportunities that impact their businesses and drive the generation, evaluation and implementation of powerful growth strategies. We are constantly enhancing research skills and coverage by improving our work and adding new experts and geographical markets to the portfolio, making our products an essential resource for companies at global, national, and local level. Our reports free up your resources and offer you timely deep industry understanding and strategic insights, required in today’s increasingly competitive business environment.
How often do you innovate? Is it only when there is a need in the market?
We believe that innovation is a constant and endless process. And the companies that do not innovate frequently are usually the first ones to get out of business. Usually, when it is obvious that there is a need in the market, it is already too late to innovate because most probably at least half of your competition has already done so. Therefore, we are always trying to improve on everything we do – by not only using the latest available technology but also by trying to improve on each and every process and activity we are engaged in.
What are the factors that make your brand stand out from the competition?
We strive to be better tomorrow, even up just a notch; empowering innovation in all team members by promoting and motivating innovation; clear commitment towards innovation in all company activities; strategic orientation towards improving all processes, products and services; placing a strong focus on value creation by means of innovation and improvement; allocating resources towards implementing the most innovative ideas and thus commitment to take all innovative ideas to the market as soon as possible.
Do you have any new products ready to be launched?
Yes, we are currently working on introducing about 50,000 new titles, connected with the markets of a wide range of consumer products all over the globe. We believe that some of our new offerings will be completely new to the marketplace and will fill in certain niches that are not occupied yet. We are also working on implementing a whole new approach in monitoring different prices of commodities globally.
Where do you see your company a couple of years from now?
We hope that in a few years’ time we will be bigger with more successfully completed projects and with thousands of new satisfied clients.
Petar Reshovski: A Formidable Leader
Petar Reshovski, Founder, is the General Manager of Williams & Marshall Strategy. He has over 10 years of experience in the market research and business consulting industry. Mr. Reshovski has worked across several domains for various companies including Apple, ABB, Bain & Co., McKinsey, ATKearney, Hyundai, ExxonMobil, Total, EY, Bridgestone, Lovol, Sika, Rakuten, BIC, Hyundai, Gazporom, Honeywell, and many more.
Mr. Reshovski has two bachelor’s degrees in Business Administration and Economics from Utrecht University of Applied Sciences and Plekhanov University, respectively.
“We are constantly enhancing research skills and coverage by improving our work and adding new experts and geographical markets to the portfolio, making our products an essential resource for companies at global, national, and local level.”